Strategic Management

, by Thompson, Arthur A., Jr.; Strickland, Alonzo J., III

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ISBN: 9780256237382 | 0256237387
Cover: Hardcover
Copyright: 10/1/1997

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PART ONE THE CONCEPTS AND TECHNIQUES OF STRATEGIC MANAGEMENT

(360)

1 THE STRATEGIC MANAGEMENT PROCESS: An Overview

(25)

The Five Tasks of Strategic Management

(1)

Developing a Strategic Vision and Business Mission

(1)

Setting Objectives

(2)

Crafting a Strategy

(3)

What Does a Company's Strategy Consist Of?

(5)

Implementing and Executing the Strategy

(1)

Evaluating Performance, Monitoring New Developments, and Initiating Corrective Adjustments

(1)

Why Strategic Management Is a Process Not an Event

(1)

Characteristics of the Process

(1)

Who Performs the Five Tasks of Strategic Management?

(2)

Is Strategy Making an Individual Responsibility or a Group Task?

(1)

Is There a Role for Full-Time Strategic Planners?

(1)

The Strategic Role of the Board of Directors

(1)

The Benefits of a "Strategic Approach" to Managing

Illustration Capsules:

1 Examples of Company Mission and Vision Statements

2 Strategic and Financial Objectives of Well-Known Corporations

3 A Strategy Example: McDonald's

2 THE THREE STRATEGY-MAKING TASKS: Developing a Strategic Vision, Setting Objectives, and Crafting a Strategy

(41)

Developing a Strategic Vision and Mission: The First Direction-Setting Task

(1)

Why Have a Mission or Strategic Vision?

(1)

Defining a Company's Present Business

(4)

Deciding on a Long-Term Strategic Vision for the Company

(1)

Communicating the Strategic Vision

(2)

Establishing Objectives: The Second Direction-Setting Task

(1)

What Kinds of Objectives to Set

(3)

The Concept of Strategic Intent

(1)

The Need for Long-Range and Short-Range Objectives

(1)

How Much Stretch Should Objectives Entail?

(1)

Objectives Are Needed at All Organizational Levels

(1)

Crafting a Strategy: The Third Direction-Setting Task

(2)

The Strategy-Making Pyramid

(1)

Corporate Strategy

(3)

Business Strategy

(3)

Functional Strategy

(1)

Operating Strategy

(1)

Uniting the Strategy-Making Effort

(2)

The Factors That Shape a Company's Strategy

(1)

Societal, Political, Regulatory, and Citizenship Considerations

(1)

Competitive Conditions and Overall Industry Attractiveness

(1)

The Company's Market Opportunities and External Threats

(1)

Company Resource Strengths, Competencies, and Competitive Capabilities

(1)

The Personal Ambitions, Business Philosophies, and Ethical Beliefs of Managers

(1)

The Influence of Shared Values and Company Culture on Strategy

(1)

Linking Strategy with Ethics

(3)

Tests of a Winning Strategy

(1)

Approaches to Performing the Strategy-Making Task

Illustration Capsules:

4 Delta Airlines' Strategic Vision

5 Intel's Bold Decision to Radically Alter Its Strategic Vision

6 Nova Care's Business Mission and Vision

7 Examples of Corporate Objectives: McDonald's, 3M Corp., Anheuser-Busch, and McCormick & Co.

8 Harris Corporation's Commitments to Its Stakeholders

3 INDUSTRY AND COMPETITIVE ANALYSIS

(35)

The Methods of Industry and Competitive Analysis

(2)

Question 1: What Are the Industry's Dominant Economic Features?

(3)

Question 2: What Is Competition Like and How Strong Are Each of the Competitive Forces?

(12)

Question 3: What Are the Drivers of Change in the Industry and What Impact Will They Have?

(5)

Question 4: Which Companies Are in the Strongest Weakest Positions?

(3)

Question 5: What Strategic Moves Are Rivals Likely to Make Next?

(2)

Question 6: What Are the Key Factors for Competitive Success?

(3)

Question 7: Is the Industry Attractive and What Are Its Prospects for Above-Average Profitability?

(1)

Actually Doing an Industry and Competitive Analysis

Illustration Capsule:

9 Strategic Group Map of Competitors in the Retail Jewelry Industry

4 EVALUATING COMPANY RESOURCES AND COMPETITIVE CAPABILITIES

103

(31)

Question 1: How Well Is the Present Strategy Working?

104

(1)

Question 2: What Are the Company's Resource Strengths and Weaknesses, and Its External Opportunities and Threats?

105

(9)

Identifying Company Strengths and Resource Capabilities

105

(1)

Identifying Company Weaknesses and Resource Deficiencies

106

(2)

Identifying Company Competencies and Capabilities

108

(3)

Identifying a Company's Market Opportunities

111

(2)

Identifying the Threats to a Company's Future Profitability

113

(1)

Question 3: Are the Company's Prices and Costs Competitive?

114

(12)

Strategic Cost Analysis and Value Chains

115

(5)

Benchmarking the Costs of Key Activities

120

(3)

Strategic Options for Achieving Cost Competitiveness

123

(2)

From Value Chain Activities to Competitive Capabilities to Competitive Advantage

125

(1)

Question 4: How Strong Is the Company's Competitive Position?

126

(3)

Competitive Strength Assessments

127

(2)

Question 5: What Strategic Issues Does the Company Face?

129

Illustration Capsules:

10 TCI's Retreat to a Vision and Strategy in Line with Its Resources and Market Opportunities

112

11 Value Chains for Anheuser-Busch and Adolph Coors Beers

121

12 Ford Motor Company's Benchmarking of Its Accounts Payable Activity

122

13 Benchmarking and Ethical Conduct

123

5 STRATEGY AND COMPETITIVE ADVANTAGE

134

(40)

The Five Generic Competitive Strategies

135

(2)

Low-Cost Provider Strategies

137

(10)

Differentiation Strategies

147

(5)

The Strategy of Being a Best-Cost Provider

152

(2)

Focused or Market Niche Strategies

154

(2)

Vertical Integration Strategies and Competitive Advantage

156

(1)

The Strategic Advantages of Vertical Integration

156

(2)

The Strategic Disadvantages of Vertical Integration

158

(2)

Weighing the Pros and Cons of Vertical Integration

160

(1)

Cooperative Strategies and Competitive Advantage

160

(2)

Using Offensive Strategies to Secure Competitive Advantage

162

(1)

Initiatives to Match or Exceed Competitor Strengths

163

(1)

Initiatives to Capitalize on Competitor Weaknesses

164

(1)

Simultaneous Initiatives on Many Fronts

165

(1)

End-Run Offensives

165

(1)

Guerilla Offensives

166

(1)

Preemptive Strikes

166

(1)

Choosing Whom to Attack

167

(1)

Using Defensive Strategies to Protect Competitive Advantage

168

(2)

First-Mover Advantages and Disadvantages

170

Illustration Capsules:

14 ACX Technologies' Strategy to Become a Low-Cost Producer of Aluminum Cans

139

15 Winning a Cost Advantage via Value Chain Restructuring: Iowa Beef Packers, FedEx, Southwest Airlines, and the Internet Entrepreneurs

144

16 Differentiating Features That Lower Buyer Costs

150

17 Differentiating Features That Raise the Performance a User Gets

151

18 Toyota's Best-Cost Producer Strategy for Its Lexus Line

153

19 Focused Strategies in the Lodging Industry: Motel 6 and Ritz-Carlton

155

6 MATCHING STRATEGY TO A COMPANY'S SITUATION

174

(39)

Strategies for Competing in Emerging Industries

175

(2)

Strategies for Competing in High Velocity Markets

177

(1)

Strategies for Competing in Maturing Industries

178

(3)

Strategic Pitfalls

181

(1)

Strategies for Firms in Stagnant or Declining Industries

181

(2)

Strategies for Competing in Fragmented Industries

183

(2)

Strategies for Competing in International Markets

185

(2)

Multicountry Competition Versus Global Competition

187

(1)

Types of International Strategies

188

(2)

A Multicountry Strategy or a Global Strategy?

190

(1)

Global Strategy and Competitive Advantage

191

(3)

The Use of Strategic Alliances to Enhance Global Competitiveness

194

(4)

Strategic Intent, Profit Sanctuaries, and Cross-Subsidization

198

(2)

Strategies for Industry Leaders

200

(2)

Strategies for Runner-Up Firms

202

(3)

Strategies for Weak Businesses

205

(1)

Turnaround Strategies for Businesses in Crisis

206

(2)

Thirteen Commandments for Crafting Successful Business Strategies

208

Illustration Capsules:

20 Yamaha's Strategy in the Piano Industry

183

21 Multicountry Strategies: Microsoft in PC Software and Nestle in Instant Coffee

192

22 Toshiba's Use of Strategic Alliances and Joint Ventures

195

23 Company Experiences with Cross-Border Strategic Alliances

197

7 STRATEGY AND COMPETITIVE ADVANTAGE IN DIVERSIFIED COMPANIES

213

(32)

When to Diversify

214

(1)

The Conditions that Make Diversification Attractive

215

(2)

Building Shareholder Value: The Ultimate Justification for Diversifying

217

(1)

Three Tests for Judging a Diversification Move

217

(1)

Diversification Strategies

218

(1)

Strategies for Entering New Businesses

218

(3)

Related Diversification Strategies

221

(2)

Strategic Fit, Economies of Scope, and Competitive Advantage

223

(2)

Capturing Strategic-Fit Benefits

225

(1)

Unrelated Diversification Strategies

226

(1)

The Pros and Cons of Unrelated Diversification

227

(3)

Unrelated Diversification and Shareholder Value

230

(1)

Diverstiture and Liquidation Strategies

231

(1)

Corporate Turnaround, Retrenchment, and Portfolio Restructuring Strategies

232

(2)

Multinational Diversification Strategies

234

(1)

The Emergence of Multinational Diversification

235

(1)

Sources of Competitive Advantage for a DMNC

236

(6)

Combination Related-Unrelated Diversification Strategies

242

Illustration Capsules:

24 Koch Industries' Efforts to Link Its Diversification Strategies to Core Competencies and Capabilities

222

25 Examples of Companies with Related Business Portfolios

224

26 Diversified Companies with Unrelated Business Portfolios

228

27 Honda's Competitive Advantage

237

28 Mitsubishi: The Competitive Power of a Japanese Keiretsu

240

8 EVALUATING THE STRATEGIES OF DIVERSIFIED COMPANIES

245

(23)

Identifying the Present Corporate Strategy

246

(1)

Evaluating Industry Attractiveness: Three Tests

247

(1)

Evaluating the Attractiveness of Each Industry the Company Has Diversified Into

247

(1)

Measuring Each Industry's Attractiveness Relative to the Others

248

(1)

The Attractiveness of the Mix of Industries as a Whole

249

(1)

Evaluating the Competitive Strength of Each of the Company's Business Units

250

(2)

Using a Nine-Cell Matrix to Simultaneously Portray Industry Attractiveness and Competitive Strength

252

(2)

Strategic-Fit Analysis: Checking for Competitive Advantage Potential

254

(2)

Resource Fit Analysis: Determining How Well the Firm's Resources Match Business Unit Requirements

256

(1)

Checking Financial Resource Fit: Cash Hogs and Cash Cow Businesses

256

(2)

Checking Competitive and Managerial Resource Fits

258

(2)

Ranking the Business Units on the Basis of Post Performance and Future Prospects

260

(1)

Deciding on Resource Allocation Priorities and a General Strategic Direction for Each Business Unit

261

(1)

Crafting a Corporate Strategy

262

(1)

The Performance Test

263

(1)

Identifying Additional Diversification Opportunities

264

(1)

Guidelines for Managing the Process of Crafting Corporate Strategy

265

Illustration Capsule:

29 Portfolio Management at General Electric

255

9 IMPLEMENTING STRATEGY: BUILDING RESOURCE CAPABILITIES AND STRUCTURING THE ORGANIZATION

268

(42)

A Framework for Implementing Strategy

269

(1)

The Principal Strategy-Implementing Tasks

270

(1)

Leading the Implementation Process

271

(2)

Building a Capable Organization

273

(1)

Selecting People for Key Positions

273

(1)

Building Core Competencies and Competitive Capabilities

274

(3)

Matching Organization Structure to Strategy

277

(11)

The Strategic Advantages and Disadvantages of Different Organizational Structures

288

(16)

Organizational Structures of the Future

304

Illustration Capsules:

30 Process Organization at Lee Memorial Hospital and St. Vincent's Hospital

283

31 Cross-Unit Coordination on Technology at 3M Corp.

287

32 Reengineering: How Companies Do It and the Results They Have Gotten

292

33 Matrix Organization in a Diversified Global Company: The Case of Asea Brown Boveri

301

34 Organizational Approaches for International and Global Markets

306

10 IMPLEMENTING STRATEGY: BUDGETS, POLICIES, BEST PRACTICES, SUPPORT SYSTEMS, AND REWARDS

310

(24)

Linking Budgets to Strategy

310

(2)

Creating Strategy-Supportive Policies and Procedures

312

(2)

Instituting Best Practices and a Commitment to Continuous Improvement

314

(5)

Installing Support Systems

319

(3)

Installing Adequate Information Systems, Performance Tracking, and Controls

322

(2)

Designing Strategy-Supportive Reward Systems

324

(1)

Strategy-Supportive Motivational Practices

324

(3)

Linking the Reward System to Strategically Relevant Performance Outcomes

327

Illustration Capsules:

35 Nike's Manufacturing Policies and Practices

313

36 Motorola's Approach to TQM and Teamwork

317

37 Management Information and Control Systems at Mrs. Fields' Cookies, Inc.

321

38 The Folly of the Reward System in the Claims Division of a Large Insurance Company

329

11 IMPLEMENTING STRATEGY: CULTURE AND LEADERSHIP

334

(27)

Building a Strategy-Supportive Corporate Culture

334

(1)

Where Does Corporate Culture Come From?

335

(1)

The Power of Culture

336

(2)

Strong versus Weak Cultures

338

(1)

Low-Performance or Unhealthy Cultures

339

(1)

Adaptive Cultures

339

(2)

Creating the Fit between Strategy and Culture

341

(2)

Building Ethical Standards and Values into the Culture

343

(2)

Building a Spirit of High Performance into the Culture

345

(3)

Exerting Strategic Leadership

348

(1)

Staying on Top of How Well Things Are Going

348

(2)

Fostering a Strategy-Supportive Climate and Culture

350

(2)

Keeping the Internal Organization Responsive and Innovative

352

(1)

Dealing with Company Politics

353

(2)

Enforcing Ethical Behavior

355

(1)

Leading the Process of Making Corrective Adjustments

356

Illustration Capsules:

39 The Culture at Nordstrom

335

40 The Johnson & Johnson Credo

345

41 The Bristol-Myers Squibb Pledge

346

PART II CASES IN STRATEGIC MANAGEMENT

361

A GUIDE TO CASE ANALYSIS

362

Section A: The Manager as Chief Strategy Maker and Strategy Implementer

376

(112)

(*)Case 1 America Online, Inc.

376

(21)

Arthur A. Thompson, The University of Alabama

John E. Gamble, University of South Alabama

(*)Case 2 Ben & Jerry's Homemade, Inc.

397

(26)

Arthur A. Thompson, The University of Alabama

(*)Case 3 Andrew S. Grove: CEO of Intel Corp.

423

(30)

Arthur A. Thompson, The University of Alabama

John E. Gamble, University of South Alabama

(*)Case 4 The Fudge Cottage

453

(17)

Deborah R. Ettington

Shalini Venkateswaran, Eastern Michigan University

Case 5 Cineplex Odeon Corp. (B)

470

(18)

Joseph Lampel

Jamal Shamsie, New York University

Section B: Crafting Strategy in Single Business Companies

488

(271)

(*)Case 6 Cannondale Corporation and the Mountain Bike Industry

488

(31)

Romuald A. Stone, Keller Graduate School of Management

(*)Case 7 Cuchara Valley Ski Resort

519

(15)

Gary Bridges, University of Southern Colorado

(*)Case 8 Callaway Golf Company

534

(21)

John E Gamble, University of South Alamama

Case 9 Ryka, Inc.: Lightweight Athletic Shoes for Women

555

(15)

Valerie J Porciello

Alan N. Hoffman

Barbara Gottfried, Bentley College

Case 10 Video Concepts, Inc.

570

(7)

John Dunkelberg

Tom Goho, Wake Forest University

(*)Case 11 Nintendo vs. SEGA (A): The Videogame Industry

577

(37)

Romuald A. Stone, Keller Graduate School of Management

Case 12 Nintendo vs. SEGA (B): The Videogame Wars

614

(19)

Romuald A. Stone, Keller Graduate School of Management

(*)Case 13 Pasta Perfect, Inc.

633

(14)

Joan Winn

John W. Mullins, University of Denver

Case 14 Coral Divers Resort

647

(19)

Kent E. Neupert, University of Houston

Paul W. Beamish, University of Western Ontario

Case 15 FedEx vs. UPS: The Wa Package Delivery

666

(28)

Lane Crowder

Robert E. Spekman

Robert Bruner, University of Virginia

(*)Case 16 The Quaker Oats Company, Gatorade, and Snapple Beverage

694

(18)

Arthur A. Thompson, The University of Alabama

John E. Gamble, University of South Alabama

Case 17 Jim Thompson Thai Silk Company

712

(16)

Robert A. Pitts, Gettysburg College

(*)Case 18 Whirlpool Corporation

728

(31)

Arthur A. Thompson

Bryan Fuller, The University of Alabama

Section C: Crafting Strategy in Diversified Companies

759

(73)

(*)Case 19 PepsiCo, Inc.

759

(22)

John E. Gamble, University of South Alabama

Richard C. Hoffman Salisbury State University

(*)Case 20 Bombardier Ltd. (B)

781

(20)

Joseph Lampel

Jamal Shamsie, New York University

Case 21 Greenley Communications and the Western Region Network Television Stations

801

(17)

George M. Puia, University of Tampa

Marilyn L. Taylor, University of Missouri--Kansas City

Case 22 Escorts, Ltd. (A)

818

(14)

Andrew Delios

Jaideep Anand, The University of Western Ontario

Section D: Implementing and Executing Strategy

832

(182)

(*)Case 23 Robin Hood

832

(2)

Joseph Lampel, New York University

Case 24 Kitty's Maids

834

(18)

Tom Hinthorne, Montana State University--Billings

Case 25 Bama Pie, Limited

852

(17)

Raymond E. Belford, Oklahoma City University

Case 26 Novotel

869

(27)

Brian Hunt

Charles Baden-Fuller, City University Business School, London

Roland Calori, Groupe ESC Lyon

(*)Case 27 The Lincoln Electric Company, 1996

896

(27)

Arthur Sharplin, University of Texas at Austin

John A. Seeger, Bentley College

(*)Case 28 Wal-Mart Stores, Inc.

923

(33)

Arthur A. Thompson, The University of Alabama

Kem Pinegar, Birmingham-Southern College

Tracy Robertson Kramer, George Mason University

(*)Case 29 Kmart Corporation

956

(23)

John E. Gamble, University of South Alabama

Case 30 Journey to Excellence: The Ritz-Carlton Hotel in Sydney, Australia

979

(19)

Supriya A. Desai

Elliott N. Weiss, University of Virginia

Case 31 Acer Computer Products (Taiwan): Shortening the Product Development Cycle

998

(16)

Jean-Francois Tremblay

John R. Kennedy, University of Western Ontario

Section E: Strategy, Ethics, and Social Responsibility

1014

Case 32 Food Lion and PrimeTime Live

1014

(20)

Joseph Wolfe, University of Tulsa

(*)Case 33 DesignTex, Inc. (A)

1034

(13)

Matthew Mehalik

Michael E. Gorman

Andrea Larson

Patricia H. Werhaue, University of Virginia

Case 34 The Betaseron Decision (A)

1047

Ann K. Buchholtz, University of Georgia

NAME INDEX

CASE INDEX

1-4

COMPANY INDEX

1-4

SUBJECT INDEX

1-9

* Cases for which there are case preparation exercises on Strat-TUTOR

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Strategic Management

Table of Contents

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